Indian equity markets are likely to trade on a cautious to mildly bullish note today, with the rebound from the previous session expected to extend at a measured pace, tracking overnight gains in U.S. equities and a mildly positive tone across Asian markets in early trade.. While short-term sentiment has improved, risk appetite remains selective amid lingering uncertainty around U.S. policy actions and potential tariff measures linked to countries importing Russian oil. Domestic institutional flows continue to provide stability, highlighting underlying resilience even as FIIs stay cautious.

The rupee has stabilized near 91.50–91.60 after testing record lows around 91.72, supported by risk-on sentiment and possible RBI intervention. This stabilization offers temporary relief on imported inflation concerns, though currency sensitivity to capital flows remains high. India VIX has moderated marginally, indicating easing near-term volatility.

NIFTY 50

Nifty remains in a narrow consolidation range with a mild positive bias, holding firmly above its key support zone. Immediate support is placed at 25,120–25,160; a decisive break below 25,000 could expose the index to 24,900–24,700 levels. On the upside, 25,400 is the first resistance, followed by a stronger supply cluster at 25,600–25,700.

Momentum indicators are improving, with the daily MACD turning positive and the histogram expanding, reflecting strengthening upside traction. The index may remain range-bound between 25,300–25,500 in the near term, with intermittent volatility. Overall bias stays mildly bullish, with scope for a gradual move toward 25,600 as long as Nifty sustains above 25,300 and holds its 200-DMA support.

BANK NIFTY 

Bank Nifty has shifted to a neutral-to-bullish structure after breaking its losing streak and reclaiming the 50-day EMA with a close near 59,200. The resistance band at 59,600–59,700 remains the key hurdle; a sustained breakout above this zone would confirm bullish continuation and open the path toward 60,000. Immediate support is placed at 59,000–58,800, with meaningful downside risk emerging only on a decisive breakdown below 59,000.